Middle East: Economic Update

Amanda Martin Excerpts

Tuesday 21st April 2026 Commons Chamber

[Rachel Reeves]

I think that the hon. Gentleman has just said that he is in favour of fracking. If so, I look forward to campaigning against him on that.

[Amanda Martin (Portsmouth North) (Lab)]

I thank the Chancellor for her statement and for the work she is doing at this globally difficult time. As a proud coastal, naval and defence city, Portsmouth understands that economic, national and climate security are inseparable, from household bills to flood resilience and defence jobs. Will she reassure families and businesses in my constituency that today’s actions, such as decoupling, will protect them from rising costs, support the jobs that are so vital to our city and ensure that we have a city for future generations?

[Rachel Reeves]

I thank my hon. Friend for standing up for her constituents in Portsmouth. The purpose of decoupling gas and electricity prices is to reduce the volatility. We all know from our constituencies how much lower-income families and pensioners, in particular, struggle with volatility in gas and electricity prices, because electricity is an essential and people need it for everyday use. Decoupling will smooth out some of the volatility in the price of energy, giving greater certainty to families, pensioners and businesses, which all have to contend with the volatility of the fossil fuel market. That is why we want to move to more contracts for difference, and that is what today’s policy will achieve.